Part of a package of four bills to establish a new tax system for certain managed investment trusts, the bill imposes tax on trustees of an attribution management investment trust in relation to amounts of a character relating to tax offsets in certain circumstances.

to align the registration and disciplinary frameworks that apply to registered liquidators and registered trustees (through the rules made by the Insolvency Practice Schedule (Bankruptcy) and Insolvency Practice Schedule (Corporations)); and align a range of specific rules relating to the handling of personal bankruptcies and corporate external administrations;

Australian Securities and Investments Commission Act 2001

to provide the Australian Securities and Investments Commission with further powers to assist in the oversight of the regulation of registered liquidators;

Corporations Act 2001

in relation to: payments for property; use of a company’s former name; termination of a deed of company arrangement; relation-back day; and the lodgement of documents with ASIC which require a notice to be in the prescribed form; and

Corporations Act 2001

and

Private Health Insurance (Prudential Supervision) Act 2015

in relation to notifications of contraventions of deeds of company arrangement. Also makes consequential amendments to 25 Acts.

to change the capital gains tax treatment of the sale and purchase of businesses involving certain earnout rights (rights to future payments linked to the performance of an asset or assets after sale); and the

Taxation Administration Act 1953

to impose withholding obligations on the purchasers of certain Australian assets. Also makes consequential amendments to five Acts.

to: require financial institutions to carry out Common Reporting Standard due diligence procedures to identify reportable accounts held by foreign tax residents and provide statements about those accounts; require financial institutions to provide a statement in relation to certain accounts if they receive a notice requiring them to do so; provide for administrative penalties when financial institutions fail to collect account holder self-certifications about the jurisdiction of residence for tax purposes; and require financial institutions to keep records for at least five years that explain the procedures used for identifying these accounts. Also makes consequential amendments to the

Part of a package of four bills to establish a new tax system for certain managed investment trusts, the bill amends the:

Income Tax Assessment Act 1997

and

Taxation Administration Act 1953

to establish the new class of attribution managed investment trusts (AMIT); and enable the Commissioner of Taxation to determine an amount of non-arm’s length income in relation to a managed investment trust (MIT);

Income Tax Assessment Act 1997

to provide that a member of an AMIT will make a capital gain or capital loss when a capital gains tax event happens to their membership interests;

Income Tax Assessment Act 1936

,

Income Tax Assessment Act 1997

and

Taxation Administration Act 1953

to provide that fund payment withholding provisions apply when a withholding MIT makes a fund payment to another entity that has a place of payment or address outside Australia;

Income Tax Assessment Act 1936

and

Income Tax Assessment Act 1997

to exclude certain superannuation funds and exempt entities from the application of the 20 per cent tracing rule for public trading trusts;

Income Tax Assessment Act 1936

to repeal the corporate unit trust rules; and

Taxation Administration Act 1953

to extend the list of entities qualifying as eligible investors for the purpose of the widely held requirements. Also amends 13 Acts to make consequential amendments.

in relation to: reviews and reporting requirements for the Basin Plan; accreditation of first generation state water resource plans with further accreditations linked to Basin Plan review outcomes; incorporation of Indigenous expertise and knowledge in the governance of the basin’s water resources; trading by the Commonwealth Environmental Water Holder; and the redundancy of the Murray-Darling Basin Water Rights Information Service; and technical and consequential amendments.

to: designate the Federal Court of Australia (including the National Native Title Tribunal), the Family Court of Australia and the Federal Circuit Court of Australia as a single administrative entity under the

Public Governance, Performance and Accountability Act 2013

and a single statutory agency under the

Public Service Act 1999

; establish shared corporate services functions for the courts; maintain the responsibility of the heads of jurisdictions in relation to the business and administrative affairs of their respective courts; provide for a chief executive officer (CEO) for each head of jurisdiction to assist with the management of administrative affairs and provide that the CEOs also hold the position of Principal Registrar; provide for the Federal Court CEO to have responsibility for managing the shared corporate services, with a requirement for consultation; and provide that the Federal Court CEO is the accountable authority for the administrative entity and the agency head for the statutory agency. Also makes consequential amendments to 16 Acts.